233 units of CapitaLand’s Interlace condominium project sold

CapitaLand said on Tuesday 233 units were sold in the preview sales of its Interlace condominium project, which will be built on the former Gillman Heights site.

The prices for the 360 units that were released for sale ranged from S$850 to S$1,150 per square foot.

The developer said nearly two thirds were sold, including two, three, and four-bedroom apartments and penthouses.

Located on an 872,000 square foot site at the junction of Depot Road and Alexandra Road, the 99-year leasehold development has a total of 1,040 homes. The apartments range from 800 to some 5,900 square feet.

CapitaLand is the lead project manager for The Interlace, which it is developing jointly with two other shareholders, including Hotel Properties.

Source : Channel NewsAsia

FOR SALE : Nassim Park Residences

Nassim Park Residences

For priority preview, please contact LUXE Group at 6100-4663.

A place perfectly poised between the distractions of the city and acres of green garden space. Between sun-bright light and cool, calm shadow. Between the absolute heights of luxurious style, and the deepest yearning for privacy and comfort.

There are moments in time when people and circumstances conspire to create something extraordinary. Nothing could be more true of this than Nassim Park, a unique brand of city living made possible through the collaboration of three internationally acclaimed creative minds: Singapore-based architect Chan Soo Khian, Japanese landscape architect Shunmyo Masuno, and French interior designer Chritian Liaigre.

Renowned for being at the forefront of their crafts, each has left his inimitable imprint, yet in collection harmony to create a level of style and luxury not witnessed before. Quality of life and a timeless style in the context of modern living are infused with fresh meaning.

At its enviable location between Orchard Road and the Singapore Botanic Gardens, in Singapore’s most desirable neighbourhood, Nassim Park has all the markings of Singapore’s most coveted address. Welcome a new way to live. A new way to experience the cosmopolitan with a sense of calm.

“ I wanted to build a place that would seamlessly intergrate the space, views, style and all the other components of a luxury residence, while creating a sense of how perfectly natural the place feels within its surroundings “ – Chan Soo Khian

An antidote to the chaotic energy of the city, the entrance courtyard is designed in harmony and with respect for all things… nature, the future, you. Rest your gaze upon the serene beauty of the hand-carved Japanese rocks, each personally chosen by Masuno to evoke harmony within you and the environment.

Chan Soo Khian’s distinctive reinterpretation of his trademark contemporary tropical style is designed with respect to the landscape and climate. Three-dimensional planes of glass, banded travertine walls, and metal and timber louvers give rise to sleek, crisp lines – a contrast to the irregular contours of the natural surroundings. The result is a stunning composition that looks and feels in complete balance, capturing the essence of an exceptional lifestsyle.

When your living spaces are as open and panoramic as your views, when nature blossoms around your home, when the distance from your armchair to your resort-like private pool is effortlessly near, it’s easy to forget that you are living almost in the centre of the bustling city.

The exclusive two-storey clubhouse is an extension of your home that expands the way you live. Its collection of large and intimate spaces – lounge, library, gym, yoga room, spa, steam room – provides a stylish environment for your active, leisure and social pursuits. Embrace the versatility and ambience of the clubhouse lounge for your private occasions, from cocktail parties to formal catered affairs. And thanks to the glass-walled design of the clubhouse, enjoy spectacular views from every angle, overlooking the gardens and pool.

But what’s space without service? Whether you need flowers to be ordered or dinner reservations made, personalised concierge and housekeeping services are available at your beck and call.

“There is a coexistence of architecture and respect for nature in Singapore, which has something in common with traditional Japanese gardens. I tried to create space that connects with the botanic gardens and the city. I express the large differences in elevation of Nassin Park through features such as undulations, appreciative walls and use of lots of water. — Shunmyo Masuno

Central to Shunmyo Masuno’s landscape design is the Zen tradition of balancing harmony, purification, respect and tranquillity. The carefully considered arrangement of every natural element – rocks, plants, trees, water – is a spiritual expression that connects beauty, warmth, culture and nature’s seasonal cycles. Beyond bringing pleasure to the eyes, the garden has a soulful purpose, the harmony you feel within it simultaneously calming and re-energising your spirit.

One of Nassim Park’s most delightful secrets is a private tree-lined path that offers a scenic shortcut towards the city. You don’t need to be heading anywhere though to simply enjoy this beautiful gardenscape and its hidden treasure that includes a tree house.

“There are very few towns in the world that are as close to nature as Singapore, this urban jungle gives a feeling of calm and stability, in particular, the nassim area, instinctively it is this thread of philosophy that enables us to develop the interior of this prestigious project.” —- Christian Liaigre
Understatement and simplicity threaded with a touch of poetry. This is the essence of Christian Liaigre’s signature style that works its magic on the interior living spaces. His intention is to create beautifully concise spaces that calm the mind and soothe the senses, blending accents of modern living with a timeless aspect. Besides perfectionist attention to detail, Liaigre expresses the tropical environment to its best effect with specially crafted screens that create a play of shifting light and moods.

Every home features an assortment of spaces designed for living in exceptional style – lavishly spacious master bedroom suite, his and hers bathrooms appointed with the finest Dornbracht fittings, and Italian luxury kitchen by Boffi complemented by the latest range of Miele appliances.

Nassim Park lies in a prestigious neighbourhood that really needs no introduction. Surrounded by green views. Blessed with a multitude of lifestyle privileges conveniently close by. In fact, central to everything you can imagine that gives life in the city quality and balance.

Nassim Park is the culmination of superlatives on every level to bring fruition a phenomenal quality of life. A project jointly developed by three leading organisations in Asia – UOL Group and Kheng Leong Company, and Orix Corporation of Japan. A creative team that brings together three of today’s most remarkable talents. And top-of-the-range lifestyle brands – Boffi, Miele, Dornbracht, Lutron – that are synonymous the world over with outstanding style and uncompromising quality. A home that makes room for nothing less than the best.

Hotel Royal family offering Guillemard apt block for sale

Fragrance Group picks up freehold site at Changi Road for $33.56m

Melodies Limited, controlled by the Lee family of Hotel Royal, is selling a 20-storey freehold apartment block in Guillemard Road which it developed 11 years ago.

Cassia View, which received Temporary Occupation Permit in 1998, comprises a total of 72 units
The price is about $70 million, reflecting $783 per sq ft based on existing strata area of 89,362 sq ft.

Colliers International, which is marketing the property, Cassia View, through an expression-of-interest exercise, says that the buyer could either spruce up the 72 units and sell them individually or tear down the property and redevelop it.

Cassia View is understood to have utilised the maximum gross floor area (GFA) allowed for the site based on a 2.8 plot ratio under Master Plan 2008. The site is zoned for residential use.

Nevertheless, Colliers executive director (investment sales) Ho Eng Joo reckons the buyer could redevelop the property, given its age, as there may be scope for improving the layout to better suit current tastes.

Based on Cassia View’s GFA of 105,823 sq ft, the $70 million price reflects a land cost of $661 psf per plot ratio if the new owner chooses to redevelop it.

Some 28 of Cassia View’s existing 72 units are currently let on short-term leases of up to a year.

Dakota Residences, a 99-year leasehold condo nearby, is now selling for about $900 psf on average.
The expression-of-interest exercise for Cassia View closes on Sept 2.

Separately, Fragrance Group last week picked up a freehold site in Changi Road for $33.56 million.
The deal was brokered by DTZ. The land area is 28,545 sq ft.

Fragrance said that it plans to develop the site into a five-storey mixed development comprising commercial space and apartments.

It intends to start construction and sale of the project in the second half of financial year 2009.

Source : Business Times – 13 Aug 2009

Quintain sees UK property market revival signs

Uncertain rental prospects for vacant properties still a concern, however

(LONDON) UK developer Quintain Estates and Development says Britain’s fractured commercial real estate market is showing signs of revival although uncertain letting prospects for vacant properties remain a concern.

The urban regeneration specialist, which is redeveloping almost 120 hectares of land in London’s Wembley and Greenwich Peninsula districts, said yesterday that prices were stabilising in some parts of the market but the company did not rule out further reductions in values, especially for lower-quality assets.

Despite challenging economic conditions, Quintain said its ability to collect rents remained strong, with 99.5 per cent of rents due gathered at the last payment date.

While bad debts almost doubled in the period to £580,000 (S$1.38 million) following the administration of furniture retailer MFI, vacancy rates were unchanged since March 31.

Last month, Quintain said the net asset value of its properties plunged 40 per cent to 348 pence per share in the year to end-March 2009.

Shares in the firm have rallied 82 per cent since the start of the year as worries of cashflow pressures and poor access to debt funding subside.

But the stock, which closed at 67 pence on Tuesday, is still 60 per cent below its level of July 2008. Quintain said it made cost savings of £11 million since April, bringing the total sum of savings to £108.5 million since April 2008.

The company has also renegotiated terms of key borrowing facilities with Barclays, extending repayment dates on some short-term loans to April 2013 from April 2010.

The company’s maximum gearing ratio has increased to 150 per cent and net debts stood at £547 million on June 30. — Reuters

Prada steps up retail pace here

It is hard to miss the gold-and-green damask facade of the Miu Miu store in brand new mall Ion Orchard.

Its towering glass panes contain a 2,800 sq ft interior, and scream ‘come in and buy something, especially an exclusive snakeskin bag that bears a ‘Miu Miu Singapore Limited Edition’ label’.

And that is exactly the intention of the Prada group, which is planning to open at least three Miu Miu standalone stores by the end of next year, including one with a three-storey facade in Paragon Shopping Centre.

Said the group’s newly appointed chief operating officer, Mr Sebastian Suhl: ‘We’re in advanced discussions with the Marina Bay Sands integrated resort (for another store) and we’re opening in Changi Terminal 2 by early 2010.

‘With the current developments making Singapore a very dynamic place, I’m sure this won’t be the end of it,’ he added.

Speaking to The Sunday Times in the freshly unveiled boutique last Tuesday, Mr Suhl said the group is focusing its expansion plans on Asia because ‘the numbers clearly demonstrate that Asia is booming’.

He declined to give specific figures, but said this year’s growth – in the double digits – remains ‘very strong and similar to last year’s, which is impressive considering the downturn’.

Asked why Prada is so bullish on Singapore, he said: ‘Singapore is a large market for us, numbers-wise. With all these new developments coming up, it will draw a lot of shoppers from the surrounding countries.

‘Singapore is going to give Hong Kong a run for its money, as a tourist market, a retail market and a luxury market. It’s a very refined place and it’s among the top markets here for us.’

To demonstrate its commitment to this belief, the group also made sure the new Miu Miu store here was among the first in the world – ahead of Hong Kong, even – to stock some of the season’s latest merchandise.

The group will also open a 14,000 sq ft Prada store in Ion in September. The double-storey boutique, which will feature a unique facade design and face Orchard Road, will be the largest Prada store in all of Asia – until the 18,000 sq ft one opens in Plaza 66 in Shanghai by the end of the year.

In fact, Ion Orchard represents a milestone of sorts for the group, as the mall is where it will also launch its other two brands, Car Shoe and Church’s, which are new to this market.

‘It’s rare for us to open all four brands in one mall at once,’ said Mr Suhl, who attributed some of this aggression to the recession.

‘Recessions present opportunities for those who have a vision and who have money to invest. For the Prada group, this is the time for us to get some amazing locations.

‘Our vision is to maintain our investment in new stores and infrastructure in the recession.’

By next year, the group could have 10 stores in Singapore – three for Miu Miu, four or five for Prada, and one each for Church’s and Car Shoe, said Mr Suhl.

He also denied that Miu Miu and Prada offered deep discounts this past sale season because business was bad.

‘Miu Miu and Prada in Singapore have been doing excellently. I can’t reveal numbers but the fact is we had a great season and relatively low stock levels. In fact, when we started the markdown, we were concerned that there wasn’t enough merchandise left in most categories to make targets.’

As a group, Mr Suhl said global sales are still ‘growing substantially in the double digits year-on-year’ – and have so far been ‘even better than expected in 2009 over 2008′.

Prada and Miu Miu will focus much of their expansion plans this year and the next in South Korea and China – which Mr Suhl termed ‘eternally developing markets’ – as well as in Japan, where Prada is ‘outperforming the market’ that has been reportedly battered in the recession.

The group is not resting on its laurels in Europe either, having just opened standalone stores in Athens, Istanbul, Madrid and London.

‘Our goal is to make retail 70 per cent of our overall sales, up from about 50 per cent last year. One of the ways to get there is by opening new stores; the other is to improve existing stores, which we’re continually working on.’

But there may be a stumbling block yet to Prada’s expansive ambitions: The planned initial public offering (IPO), which has been put off three times so far, appears set for another delay.

Prada considered an IPO in 2001 but this was derailed by market turbulence after the Sept 11 terrorist attacks. Since then, it has put off listing and turned instead to debt, which The Financial Times said was about 1.1 billion euros (S$2.25 billion) at the end of last year.

The paper also reported talks were under way between the firm and its creditors, led by Italian banks UniCredit and Intesa Sanpaolo, to reschedule the repayment of 350 million euros that matures in the summer of next year. Italian newspaper La Repubblica said Prada will now delay its IPO until 2012.

Mr Suhl declined to comment on these reports, but said: ‘It’s a no-brainer: You list when the time and conditions are right – otherwise, you don’t. I can’t tell you when it will happen. I don’t think anyone really knows. It’s just been bad luck, really, but the markets will guide us.’

He believes that Prada’s strengths in ‘prolific product development and innovation’ resulting in ‘balanced sales across each category’ will stand it in good stead.

The Prada group earned a net profit of 127 million euros in 2007, thanks to sales which rose 18.8 per cent on 2006 to reach 1.66 billion euros.

Revenue for the Prada brand alone was 1.3 billion euros in 2007, up 10 per cent on 2006. Miu Miu, no longer Prada’s ‘little sister brand’, saw sales surge 43 per cent to hit 233 million euros in 2007.

Property market continues riding on buying mood

PROPERTY market activity continued in the first week of last month as more private homes were launched – or re-launched – to ride the buying momentum.

Good demand: Bukit Sembawang Estates has sold 50 of the 78 units at Luxus Hills, a 999-year leasehold landed development at Ang Mio Kio, in a preview

Bukit Sembawang Estates said yesterday that it has sold 50 of the 78 units at Luxus Hills, a 999-year leasehold landed development at Ang Mio Kio, in a preview. Intermediate terrace homes were sold for an average of $1,085 per sq ft of land area, while corner terraces went for an average of $980 psf.

BT understands that agents have also started to market prime projects, including GuocoLand’s 272-unit freehold Sophia Residence , City Developments’s 85-unit project on the former Garden Hotel site (Volari) and Wing Tai’s 346-unit Ascentia Sky in Alexandra Road.

For Sophia Residences, asking prices range from $1,400-$1,600 psf. For CityDev’s project, agents are quoting $1,800-$2,000 psf. At Ascentia Sky, a limited number of units have been released at prices ranging from $1,150- $1,350 psf.

Other developers are re-launching projects. CapitaLand is believed to have re-launched Latitude in the River Valley area last week. Asking prices range from about $1,600-$1,900 psf, a significant decline from $2,600 psf fetched for the 11 units sold from September 2007 to April 2008. Far East Organization re-launched Silversea a few weeks ago, selling some units at $1,250-$1,400 psf.

Developers can be expected to expedite new launches and continue promoting already-launched projects over the next two weeks as the Hungry Ghost month – which is traditionally slow for property sales – draws near.

Sales at recently launched projects have continued apace. ‘We visited show flats for a few mid and prime projects last weekend,’ said DMG & Partners Securities analyst Brandon Lee in a July-6 note. ‘More developers are now offering additional price discounts of 2-5 per cent during soft launches to incentivise buyers.’

Prices rose 4.8 per cent quarter-on-quarter in Q2, Mr Lee said. ‘Along with a flat stock market performance, we believe this has led to a less fervent show-flat turnout. However, sales volumes remain healthy.’

In an update, Far East Organization said yesterday that it has sold 130 apartments at its 280-unit Vista Residences at Thomson.

Separately, Credo Real Estate yesterday released for sale by tender a cluster of 18 shophouses at Joo Chiat/Onan Road. The properties are owned by a family trust, which is seeking offers in the region of $25 million to $30 million. The freehold site is 35,440 sq ft and the total gross floor area of the shophouses is 62,489 sq ft.

Wee Hur Development has submitted the highest bid of S$22.9 million for an industrial site at Woodlands Avenue 4.

LANDLORDS took a one-two punch in the second quarter, with rents continuing to decline for offices and industrial space as vacancies kept rising.

Rents were under the most pressure in the city-fringe and high-tech sites while more space was vacated, particularly in the core Central Business District (CBD) area.

Consultants DTZ said office rents in Beach Road and North Bridge Road fell 20 per cent to $6.20 per sq ft (psf) per month in the second quarter. This followed a 13 per cent fall in the first quarter.

Rents along the Alexandra Road belt fell 23 per cent to $5 psf a month in the April to June period, compounding a 13 per cent drop in the first quarter.

The decline was driven mainly by competition from a converted state property and high-tech industrial sites in the area.

Generally, rents in the office market have been falling as demand weakens in the face of rising supply. The amount of grade A space, in particular, will double in the next five years.

CBRE said monthly prime office rents fell about 18 per cent to $8.60 psf in the second quarter, after a 18.6 per cent quarter-on-quarter drop in the first quarter.

Grade A office rents are down 17.5 per cent to $10.l5 psf a month. They also fell 18 per cent in the first quarter.

DTZ said Raffles Place office rents are now close to the levels at the end of 2006 and are 49 per cent below the peak in the third quarter last year.

The rental gap between office space in the CBD and that elsewhere has narrowed. Offices in Marina Centre are now 12 per cent cheaper to rent than those of prime space in Raffles Place, compared with a rental gap of 18 per cent at the peak of the market. The gap has closed even more in the Harbourfront area – from 47 per cent at the peak to 35 per cent in the second quarter.

Some firms, particularly those driven to relocate outside the CBD during the 2006-2007 boom, are now likely to return, said DTZ.

Office leasing activity continues to be driven mainly by lease renewals as firms downsize. Take-up has been negative for the past two quarters and is likely to remain so for the rest of the year, said CBRE’s executive director (office services), Mr Moray Armstrong.

‘We are seeing greater incentives including, for instance, capital expenditure contributions to attract or retain quality tenants,’ he said.

The good news is that the rate of rental decline will ease from the dramatic falls seen since last September but demand will still be ’severely constrained’.

Vacancy rates across the island are tipped to be in the double digits in the next few years and leasing deals will stay highly competitive, added Mr Armstrong.

Still, office capital values held firm in the second quarter as improved buying sentiment in the residential sector spread to other sectors, DTZ said.

In the industrial market, the high-tech space segment – this includes business park space that caters to both markets – continued to be the hardest hit and is forecast to remain under pressure, it said.

High-tech industrial rent fell 12.8 per cent – the most in six years – to $3.40 psf in the second quarter. It is down 24.4 per cent from the peak of $4.50 psf in the third quarter last year, said DTZ.

First-storey industrial space slid 6.8 per cent to $2.05 psf a month.

Ms Chua Chor Hoon, DTZ’s head of South-east Asia research, said ample supply will keep the office and industrial markets soft until 2011.

Real estate not sought after

SINGAPORE no longer appears on the radar screen of most non-listed institutional investors and fund managers, according to the latest survey by Asian Real Estate Association (Area). This year’s hottest picks are China, Australia and Japan, said its Investment Intentions Asia Survey 2009.

The online survey of 73 organisations active in the Asian non-listed real estate funds market found that less than 20 per cent of fund managers and just 10 per cent of investors chose Singapore as their preferred investment location.

China is the most appealing location in terms of Asian performance prospects – it is the choice of 90 per cent of investors and 81 per cent of fund managers.

Japan was the top fund choice for fund of funds managers, firms that hold a portfolio of various investment funds, with 88 per cent of them opting for the country. Australia, a new entrant, was also a firm favourite.

‘With the exception of China, investors generally appear to have a lower regard than fund of funds managers or fund managers on the prospect of other Asian markets delivering target performances,’ said the survey.

This year, Singapore did not figure at all in respondents’ preferred locations and sectors in Asia. In last year’s survey, the Singapore office market was ranked seventh on the list of respondents’ preferred locations and sectors in Asia – though fund of funds managers were already not keen.

The number of institutions interested in Singapore has certainly diminished due to the downturn, said Mr Craig Ward, director of regional capital markets at Savills Singapore.

According to the survey, investors this year are most keen on the residential sector in China, followed by its retail market.

Fund of funds managers, however, prefer the Australian and the Japanese office sectors.

Resale homes in demand

THE mini boom that started in the sale of new flats has now spread to the resale homes market, with transactions rocketing 71 per cent in the second quarter.

Sellers have quickly become attuned to the unexpected resurgence in demand and are jacking up asking prices, according to consultants Jones Lang LaSalle.

Much of the demand is coming from HDB upgraders who are still able to get reasonable prices for their flats, allowing them to move up the housing ladder.

The activity in the resale market follows strong sales of new private homes. Levels have exceeded 1,000 units every month since February compared with a monthly average of 330 units last year.

Prices generally are also showing resiliance amid the downturn, with resale prices beginning to rise in all categories.

The property sector rallies seem to contradict prevailing economic realities, something industry experts acknowledge.

DTZ’s head of Southeast Asia research, Ms Chua Chor Hoon, told a property seminar on Wednesday that it is too early to tell if the Singapore market is on its way to recovery: ‘Unlike Hong Kong, we don’t have a China behind us.’

Jones Lang LaSalle’s head of research for Southeast Asia, Dr Chua Yang Liang, told The Straits Times: ‘My concern is that the price rise in the resale market is not supported by economic growth or personal income growth.’

It is instead largely backed by money earned in the previous bull run, which is not sustainable, he added.
Dr Chua reckons there’s ‘a bit of froth’ in the market as the surge in resale activity and prices are not supported by fundamentals.

DPS buyer with 20 units at The Fernhill drags feet on payment

April 21, 2009

Episode watched by developers that had sold multiple units to foreigners under DPS

(SINGAPORE) A China investor that bought 20 units at MCL Land’s The Fernhill condo has failed to pay roughly $30 million that became due when the project received Temporary Occupation Permit recently.

MCL sent the notice seeking payment to buyer Concordia Overseas Pte Ltd 14 days ago. By the due date yesterday, the payment had still not been made, BT understands.

This development on the deferred payment scheme (DPS) – which was scrapped in October 2007 – is being closely watched.

Under the Sale and Purchase Agreement (SPA), MCL will now wait for another 14 days and if the payment is still not made by then, the developer can serve a 21-day notice on Concordia to repudiate the SPA. After that, if there’s no payment, MCL would be entitled to treat the 20 per cent paid so far by Concordia as forfeited and resell the units.

Concordia, controlled by Hong Kong resident Chan Ki, who has developed commercial buildings in Shanghai, had bought all 25 apartments in The Fernhill in January 2007 at $1,410 per square foot.

It flipped five of these units to foreigners at an average price of nearly $2,200 psf later the same year. JTResi brokered both sets of deals for the five-storey freehold project at the corner of Orange Grove and Fernhill roads.

Concordia bought the units from MCL on DPS, and paid an initial 20 per cent of purchase price in 2007. The 20 units it still holds were purchased for nearly $47 million and it was asked to pay another 65 per cent – around $30 million – after the project received TOP last month.

In case there is a hitch in receiving the payment, analysts say, MCL Land is pretty well covered, as it can walk away with the 20 per cent downpayment from Concordia. Its ‘breakeven cost’ so to speak on the 20 units would be $1,128 psf ($1,410 psf sale price to Concordia less the 20 per cent collected so far).

Based on recent transactions at Gallop Gables on Farrer Road and The Verdure on Holland Road, MCL should easily be able to sell the units individually for more than that sum. An average resale price of $1,250 or so could mean another round of profits.

BT understands that MCL did not extend DPS to the buyers of the five units who picked up their apartments from Concordia in the subsale market. They have been making normal progress payments to MCL.

While MCL is on a firm footing, other developers who sold their projects on DPS at peak prices in 2007 and early 2008, may have reason to worry in case buyers do not pay up once the projects are completed in the coming months.

This is because the values of many such units could be down more than the 20 per cent initial payment and the developer would be out of pocket if it were to treat the SPA as being repudiated. Such developers may have to sue buyers for specific performance – complete the SPA at the contracted price.

But some developers may agree to a payment extension or restructuring for local buyers in hardship.

Developers may find it tough to take legal action against foreign buyers domiciled offshore who walk away from purchases. ‘The practical thing to do may be to treat the SPA as repudiated, take possession of the units and try to resell them or lease them out. Once you go down the route of suing defaulting buyers for specific performance, it will be some time before you can take possession of the units,’ a developer said.

In case The Fernhill units end up being resold by MCL, the price could have implications for neighbouring projects. The price benchmark may hit DPS buyers in these projects who have yet to secure a loan. Even those that have secured loans may be affected as the bank may now assume a lower value for the properties and ask borrowers to top up more equity.

Some analysts said that the latest development at Fernhill may be a sign of things to come as more projects are completed. The situation of multiple unit buyers, especially if they are foreigners, will be keenly watched.